California Public Employees Retirement System decreased its stake in shares of Meritage Homes Co. (NYSE:MTH – Get Rating) by 0.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,277 shares of the construction company’s stock after selling 618 shares during the period. California Public Employees Retirement System owned about 0.21% of Meritage Homes worth $7,217,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Meritage Homes by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 4,216,167 shares of the construction company’s stock worth $334,047,000 after acquiring an additional 23,652 shares during the last quarter. State Street Corp increased its stake in Meritage Homes by 0.3% in the 3rd quarter. State Street Corp now owns 1,320,818 shares of the construction company’s stock valued at $92,814,000 after buying an additional 4,271 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Meritage Homes by 0.8% during the fourth quarter. Fisher Asset Management LLC now owns 1,133,888 shares of the construction company’s stock valued at $104,544,000 after acquiring an additional 8,948 shares during the last quarter. Balyasny Asset Management LLC lifted its holdings in Meritage Homes by 0.8% during the third quarter. Balyasny Asset Management LLC now owns 846,530 shares of the construction company’s stock worth $59,486,000 after acquiring an additional 6,483 shares during the period. Finally, Greenhaven Associates Inc. boosted its position in Meritage Homes by 3.4% in the fourth quarter. Greenhaven Associates Inc. now owns 819,751 shares of the construction company’s stock worth $75,581,000 after purchasing an additional 26,766 shares during the last quarter. Institutional investors own 95.63% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on MTH. StockNews.com raised shares of Meritage Homes from a “hold” rating to a “buy” rating in a report on Tuesday. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Meritage Homes in a research note on Wednesday, May 3rd. KeyCorp increased their price objective on Meritage Homes from $104.00 to $127.00 and gave the company an “overweight” rating in a report on Monday, February 6th. Wedbush restated an “outperform” rating and issued a $132.00 target price on shares of Meritage Homes in a research note on Wednesday, April 12th. Finally, JPMorgan Chase & Co. upgraded Meritage Homes from a “neutral” rating to an “overweight” rating and set a $129.00 price target for the company in a research note on Monday, March 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.14.
Meritage Homes Stock Performance
Meritage Homes (NYSE:MTH – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The construction company reported $3.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $1.03. Meritage Homes had a net margin of 14.44% and a return on equity of 23.99%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm posted $5.79 earnings per share. The company’s revenue for the quarter was down .6% on a year-over-year basis. Research analysts forecast that Meritage Homes Co. will post 15.38 EPS for the current fiscal year.
Insider Transactions at Meritage Homes
In other Meritage Homes news, CAO Alison Sasser sold 1,500 shares of Meritage Homes stock in a transaction that occurred on Friday, April 28th. The shares were sold at an average price of $123.52, for a total transaction of $185,280.00. Following the completion of the sale, the chief accounting officer now directly owns 481 shares in the company, valued at $59,413.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Raymond Oppel sold 5,000 shares of the firm’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $110.22, for a total transaction of $551,100.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $1,102,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Alison Sasser sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $123.52, for a total value of $185,280.00. Following the completion of the sale, the chief accounting officer now directly owns 481 shares of the company’s stock, valued at approximately $59,413.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,800 shares of company stock valued at $2,071,177. 1.80% of the stock is owned by corporate insiders.
About Meritage Homes
Meritage Homes Corp. engages in the design and construction of single family attached and detached homes. It operates through the Homebuilding and Financial Services segments. The Homebuilding segment acquires and develops lands, constructs homes, markets and sells those homes, and provides warranty and customer services.
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